Landlord press review

Like every month, Rentila offers you an overview of the main real estate news of interest to landlords and tenants. This month, we focus on: House prices in Prime Central London down 4.3%; UK House Price Growth Hits Six-Year High As Rent Inflation Eases; City centre rents hit hard as tenants move to suburbs; UK mortgage approvals at record high in 2020; UK renters snap up properties 30% faster amid flight for green space; Proportion of UK landlords buying in cash falls to lowest figure on record… Happy reading and… renting!

The market

House prices in Prime Central London down 4.3%

In Prime Outer London, average prices fell 2.9% in the year to January which was the smallest decline since the first national lockdown last March. The number of transactions in Prime Central London was 12% higher in January 2021 over January 2020.
Continue reading


Reform stamp duty to boost supply of rental homes, landlords urge

Stamp duty rules should be reformed in the Budget to help boost the supply of homes to rent, landlords have urged. The property tax applies in England and Northern Ireland, and an extra 3% charge usually applies if buying a new home means that people will own more than one.
Continue reading


These 10 UK cities are the most profitable for buy to let landlords

The analysis is based on the average property price, mortgage cost, average rent income, and the monthly costs of being a landlord to calculate the monthly profit.
Continue reading


2.4 million more Brits now renting homes compared with 10 years ago

Homes that are occupied by their owners make up a majority of the England’s property market, but the number of people who rent has increased by 2.4 million in the last decade, new research has showed.
Continue reading


UK house prices expected to fall as lockdown, stamp duty deadline and job cuts weigh

One leading economic analyst also predicted prices will be 2% lower in a year’s time, knocked by a deteriorating jobs market, tougher mortgage rules and higher rates, and would-be buyers spending on other things as lockdown restrictions ease.
Continue reading


UK House Price Growth Hits Six-Year High As Rent Inflation Eases

Figures from the Office for National Statistics (ONS) show the average price of a house in the UK went up by 8.5% in 2020, marking the most significant growth since 2014. UK buyers paid an average of £252,000 for a house in December 2020, representing a record high, according to the ONS data.
Continue reading


Mortgage

UK first-time buyers need £11,000 larger deposits after COVID-19 property boom

First-time home buyers’ deposits jumped by almost £11,000 ($15,077) in the UK in 2020, as the pandemic fuelled surging property prices and tighter mortgage rules. The average buyer last year had to stump up just over £57,000 for their first home, a 23% jump on the previous year.
Continue reading


UK mortgage approvals at record high in 2020

Mortgage approvals were at a record level in 2020, skyrocketing by 154% in the second half of the year, according to new figures. Locations such as the West Midlands and the South West showed the largest increase, growing by 244% and 236% respectively.
Continue reading


Bank of England holds interest rate at 0.1%

The Bank of England’s Monetary Policy Committee (MPC) voted unanimously to maintain the bank rate at 0.1%. The BoE has warned banks to be prepared for the possibility of negative interest rates within six months.
Continue reading


Brokers say COVID-19 has reshaped borrower demand

The survey of 265 intermediaries found that customers’ priorities when looking for both lenders and types of property changed significantly over the course of 2020.
Continue reading


Rent

The places in London where rents are falling most, as capital sees biggest price drop since spring

A report by SpareRoom using data from the final quarter of 2020 found that room rents in the capital were 8 per cent lower on average than they were in the last quarter of 2019.
Continue reading


City centre rents hit hard as tenants move to suburbs

City centres in the UK are suffering from falling rents as tenants increasingly decide to move to the suburbs due to the pandemic. Biggest city centres saw annual falls of up to 12% in the last quarter of 2020 as tenants moved elsewhere.
Continue reading


Edinburgh city centre property rentals soar by 109 per cent amid downturn of short-stay market

The shift to homeworking and drop in demand for short-stay Airbnb lets, as well as concerns about Covid rates in urban areas, are thought to have contributed to rents plunging in Scotland’s capital city.
Continue reading


Government changes model tenancy agreement to help renters with pets

Under the new Model Tenancy Agreement, which is the government’s recommended contract, landlords will no longer be able to issue blanket bans on pets.
Continue reading


UK renters snap up properties 30% faster amid flight for green space

The COVID-19 pandemic has driven a once in a lifetime reassessment of housing needs, with houses average across the UK let nearly a week (6 days) faster than the same time a year ago. The time frame has shortened across all cities.
Continue reading


Other

Bath is top property hotspot post-COVID

Official ONS data outlines that over a third (34%) of Britons are still working entirely from home. As a result, there has been a shift towards larger properties with more outdoor space.
Continue reading


7 mistakes buyers make when viewing a property for the first time

The combination of nerves and excitement could mean some big errors are made that could jeopardise the chances of having an offer accepted or securing the right price.
Continue reading


Five most common problems of why UK property purchases fall through

Thanks to the stamp duty holiday the property market has seen increased demand, however this has caused long conveyancing delays which could see prospective buyers miss the holiday deadline and be forced to pull out of the sale.
Continue reading


Just 45% of renters say homeownership is a life goal

The data outlined that only 26% are actively saving for a deposit currently. As a result of the pandemic, renters have noted that they are more likely to consider homeownership, with 26% saying lockdown has made them more motivated to buy.
Continue reading


Proportion of UK landlords buying in cash falls to lowest figure on record

In 2017, some 62% of landlord purchases were in cash, a figure which fell to 60% in 2018, and 58% in 2019. Landlords buying in Britain’s least expensive regions remained most likely to fund property purchases in cash during 2020.
Continue reading


Sold a property? Then remember the new 30-day rule

New rules mean that UK residents with capital gains tax to pay on the sale of UK residential property have to report and pay this to HMRC within 30 days.
Continue reading


Warning to landlords over new safety rules with a £30,000 fine

Landlords are being warned of changes to electrical safety rules which come into force in April, and will mean thousands of installations having to be checked.
Continue reading

Comments are closed.

Discover our online property management software and join our large landlord community. A simple, yet powerful tool used by thousands of landlords!

GET YOUR ACCOUNT    FREE